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答案和详解如下：

Q1. Which of the following best characterizes the relationship between technological advances, exchange rates, and economic

    output (in U.S. dollars) in emerging markets? Emerging countries currently utilize:

A)   low amounts of technology but output will increase as more is used due in part to appreciating currencies.

B)   low amounts of technology but output will increase as more is used. However, depreciating currencies will detract from growth.

C)   normal amounts of technology but output will increase as more is used due in part to appreciating currencies.

Correct answer is A)

The rate of technological progress in emerging countries will eventually catch up to that in developed countries. Stronger technological progress should result in higher economic growth and a stronger currency. When measured in U.S. dollars, economic growth in developing countries will increase as a result of both growth itself and an appreciating currency.

Q2. In which of the following BRIC countries is technological progress projected to be weaker?

A)   Russia and Brazil.

B)   Brazil and India.

C)   Russia and China.

Correct answer is B)

In Brazil and India, technological progress is projected to be weaker than in China and Russia over the next 20 years because of a less educated workforce and a weaker infrastructure. Eventually though, technological progress in Brazil and India should converge to that in the developed world.

Q3. Which of the following best characterizes the relationship between technological advances, exchange rates, and economic

   output (in U.S. dollars) in BRIC countries?

A)   Technological progress results in depreciating currencies and technological progress in Russia may lag that of Brazil, due in part to a weaker infrastructure.

B)   Technological progress results in appreciating currencies and technological progress in Russia may lag that of Brazil, due in part to a weaker infrastructure.

C)   Technological progress results in appreciating currencies and technological progress in Brazil may lag that of Russia, due in part to a weaker infrastructure.

Correct answer is C)

Stronger technological progress should result in higher economic growth and a stronger currency. In Brazil and India, technological progress is projected to be weaker than in China and Russia over the next 20 years because of a less educated workforce and a weaker infrastructure.

Q4. Which of the following best characterizes the relationship between technological progress, the growth in capital stock, and

    economic output in the BRIC countries?

A)   Both technological progress and the growth in capital stock can have a large impact on economic growth.

B)   The growth in capital stock can have a large impact on economic growth but technological progress is less important for economic growth.

C)   Technological progress can have a large impact on economic growth but the growth in capital stock is less important for economic growth.

Correct answer is C)

Changes in technological progress can have a large impact on economic growth. The growth in capital stock is less important for economic growth than technological progress but does have an impact on economic growth. Reducing the projected growth in capital stock by 5% would reduce GDP levels by 13% in the BRIC countries in 2050.